FASB seeks public input on 2025 GAAP taxonomy revamp
The Financial Accounting Standards Board (FASB) is seeking feedback on two proposed updates to its 2025 GAAP taxonomies, targeting clarity and efficiency in financial reporting. These improvements focus on the GAAP Financial Reporting Taxonomy Reference Project and the Meta Model Relationships Taxonomy, with the comment periods open until 15 and 29 November, respectively.
First, the Financial Reporting Taxonomy Reference Project proposal is designed to make reference roles more intuitive and consistent. The update includes thousands of new references, deletions, and refined classifications to help preparers easily identify which elements fulfil specific reporting requirements. This new structure reduces outdated references and enhances usability by assigning clearer roles to each element in relation to disclosure requirements, simplifying the selection process.
The Meta Model Relationships Taxonomy, on the other hand, expands its focus with new relationships like “aggregate-other,” designed to manage those “miscellaneous” line items in a more systematic way. Other technical improvements include over 2,000 new relationships that help streamline categorising data by adding distinctions across instant inflow, accrual, and class-subclass relationships, making complex reporting structures more organised and accessible. —no more chaotic “other” items scattered throughout your reports.
These updates make taxonomies less of a guessing game and more of a strategic tool. For XBRL users, they help drive higher quality data, reduce missteps, and make element selection easier.
Explore more details at FASB and consider sharing your insights to help shape these essential improvements.
